News Summary

• Blend built software that powers digital loan applications at major U.S. banks and credit unions.
• The company rode the last boom to a 2021 IPO and a market cap north of $4 billion.
• But rising rates crushed mortgage volumes and exposed how much of its growth had been surfing a once‑in‑a‑generation tailwind.
• The downturn became a multi‑year test for Blend of whether the underlying business—and its CEO’s operating chops—could withstand a very different market.